Making the right decision
Things to think about when deciding how and when to take your DB pension.
Think about how much you might need to spend, in order to have the retirement you want.
Use the Retirement Budgeting Calculator in your myRPS account to get a personalised prediction.
Visit the how much I’ll need for retirement page to find out more.
You may have several sources of income when you retire.
Find out what each of them are likely to be worth and add them together to see how much income you might have in total.
Some of your money may come from:
Keep in mind your income could be affected by:
The Retirement Budgeting Calculator and Pension Planner will help you work out how much you might need in retirement and whether your pension is on track to cover those costs. Try them by logging in to your myRPS account.
Check if you’re on track to fund your future by comparing your income target from the Retirement Budgeting Calculator with the amount you expect to have coming in from your RPS pension and other income sources as detailed above.
These figures may change depending on how and when you decide to take your pension, so it’s important you understand the options available to you and what impact they might have on how much you get.
If you are an active DB member, you can try using the Pension Planner in your myRPS account. It will show you what your annual income could be when you stop work. It will also show how this might be affected by different ways of taking your pension, such as taking a lump sum or taking your benefits before claiming your State Pension and then levelling your income out afterwards. This is known as the ‘level pension option.’
Visit the ways to take my pension page for more information about these options.
For step-by-step guide to using the Pension Planner watch this short video.
Remember, the Retirement Budgeting Calculator figures are based on the income you may need after tax, whereas the Pension Planner, available in your myRPS account gives you an estimate of what you might get from your pension before tax.
If you’re worried that the income you will have when you stop work won’t cover your expected costs, there are a number of things you can do before you stop work. This includes:
You may want to get expert help before making any changes or taking your pension.
If you’re ready to start taking your pension visit the applying for my pension page. It will tell you what to do next.